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Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding and Matured Interest Rate Swaps

Interest rate swaps outstanding at December 31, 2020 and matured during the years ended December 31, 2020, 2019 and 2018 are as follows:

Notional Amount

Interest Rate Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$750 million

1 month LIBOR(1)

1.65%

December 29, 2017

December 31, 2018

$1,350 million

1 month LIBOR(1)

2.27%

December 31, 2018

December 31, 2019

$1,200 million

1 month LIBOR(1)

2.19%

December 31, 2019

December 31, 2020

$600 million

1 month LIBOR(1)

2.81%

December 31, 2020

December 31, 2021

____________________

(1) Subject to a 1% floor.

Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments

The estimated fair values of our derivatives designated as hedging instruments as of December 31, 2020 and 2019 are as follows (in thousands):

						Derivative Assets (Liabilities)
												Fair Value as of December 31,
Derivatives Designated as Hedging Instruments						Consolidated Balance Sheet Location						2020						2019
Foreign exchange contracts						Prepaid expenses and other current assets						$	—					$	1,953
Interest rate swaps						Other accrued liabilities						(16,038)						(7,020)
Interest rate swaps						Other noncurrent liabilities						—						(7,918)
Total												$	(16,038)					$	(12,985)

Derivative Instruments, Gain (Loss)

The effects of derivative instruments, net of taxes, on OCI for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands):

						Amount of (Loss) Gain Recognized in OCI on Derivative, Effective Portion
						Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships						2020						2019						2018
Foreign exchange contracts						$	(4,652)					$	(360)					$	(8,250)
Interest rate swaps						(15,869)						(14,857)						1,907
Total						$	(20,521)					$	(15,217)					$	(6,343)

												Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion
												Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships						Income Statement Location						2020						2019						2018
Foreign exchange contracts						Cost of revenue, excluding technology costs						$	2,992					$	5,351					$	(322)
Interest rate swaps						Interest expense, net						14,898						156						3,999
Total												$	17,890					$	5,507					$	3,677

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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